Skechers U.S.A. (NYSE:SKX) Posts Quarterly Earnings Results

by · The Cerbat Gem

Skechers U.S.A. (NYSE:SKX – Get Free Report) released its quarterly earnings data on Thursday. The textile maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.15 by $0.11, Briefing.com reports. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The business had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter in the prior year, the firm earned $0.93 EPS. The business’s revenue was up 16.0% on a year-over-year basis.

Skechers U.S.A. Stock Down 3.9 %

SKX stock traded down $2.42 during trading on Friday, hitting $59.21. 6,635,985 shares of the company’s stock traded hands, compared to its average volume of 1,871,929. The firm has a market capitalization of $9.02 billion, a P/E ratio of 16.07, a PEG ratio of 0.89 and a beta of 1.22. Skechers U.S.A. has a 1 year low of $45.58 and a 1 year high of $75.09. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $66.17 and a two-hundred day simple moving average of $66.13.

Skechers U.S.A. declared that its Board of Directors has initiated a stock buyback plan on Thursday, July 25th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the textile maker to purchase up to 10.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

SKX has been the subject of several research reports. Barclays increased their price objective on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Friday. Stifel Nicolaus increased their price target on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 26th. TD Cowen lowered their price target on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a report on Monday, October 14th. Morgan Stanley increased their price target on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a report on Friday. Finally, Bank of America lowered their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Skechers U.S.A. currently has an average rating of “Buy” and a consensus price target of $78.09.

Check Out Our Latest Stock Report on SKX

Skechers U.S.A. Company Profile

(Get Free Report)

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.

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